A total of N66billion has been released from the 2024 Appropriation to fund the pension ac­crued pension rights for retirees of Federal Government’s Minis­tries, Department and Agencies (MDAs).

Recently the National Pen­sion Commission (PenCom) an­nounced that the Federal Gov­ernment through the Office of the Accountant General of the Federation (OAGF), has released additional N22billion as part of the 2024 Appropriation for the period July to September.

The statement said: “These funds were paid into the Retire­ment Benefits Bond Redemp­tion fund (RBBRF) Account at the Central Bank of Nigeria to partially settle unpaid PenCom, accrued pension rights for re­tirees of Federal Government Treasury-funded ministries, De­partments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

“The disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period October 2023 to January 2024, as well as some deceased employees.

“Accordingly, the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).

“This disbursement brings the total amount released so far from the 2024 Appropriation for accrued rights settlement to N66 billion.”

The commission urged all af­fected retirees to contact their PFAs to complete the necessary documentation to access their retirement benefits.

PenCom has also directed PFAs to expedite the processing of payments to ensure retirees promptly receive their entitle­ments.

The commission further appreciated the patience and understanding of retirees and reaffirmed its commitment to engaging with relevant authori­ties to ensure the settlement of all unpaid accrued pension rights and related liabilities

https://independent.ng/retirees-earn-n66bn-accrued-pension-rights-from-2024-budgetary-appropriation/